Brokerages Set Palomar Holdings, Inc. (NASDAQ:PLMR) PT at $162.75

Palomar Holdings, Inc. (NASDAQ:PLMR) has been assigned an average rating of “Moderate Buy” from the six brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $162.75.

Several research firms recently weighed in on PLMR. Evercore set a $152.00 price target on shares of Palomar in a report on Friday, July 10th. Piper Sandler upped their price objective on shares of Palomar from $132.00 to $165.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Weiss Ratings raised shares of Palomar from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday. Keefe, Bruyette & Woods raised their target price on shares of Palomar from $166.00 to $167.00 and gave the stock an “outperform” rating in a research report on Monday, August 10th. Finally, Zacks Research lowered shares of Palomar from a “strong-buy” rating to a “hold” rating in a research note on Friday, May 15th.

Palomar Price Performance

PLMR opened at $136.58 on Tuesday. The business’s fifty day simple moving average is $134.39 and its 200 day simple moving average is $124.29. Palomar has a 52 week low of $100.81 and a 52 week high of $147.62. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.59 billion, a PE ratio of 18.36 and a beta of 0.39.

Palomar (NASDAQ:PLMR) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $2.36 earnings per share for the quarter, topping analysts’ consensus estimates of $2.19 by $0.17. Palomar had a net margin of 18.61% and a return on equity of 23.28%. The firm had revenue of $314.42 million during the quarter, compared to analyst estimates of $621.52 million. During the same period in the previous year, the business posted $1.76 EPS. As a group, research analysts expect that Palomar will post 9.21 earnings per share for the current fiscal year.

Palomar Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Shareholders of record on Wednesday, August 19th were paid a dividend of $0.45 per share. The ex-dividend date of this dividend was Wednesday, August 19th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.3%. Palomar’s dividend payout ratio (DPR) is currently 24.19%.

Insider Activity at Palomar

In other news, President Jon Christianson sold 6,863 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $139.50, for a total value of $957,388.50. Following the sale, the president directly owned 66,478 shares of the company’s stock, valued at approximately $9,273,681. This represents a 9.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Timothy Carter sold 480 shares of the stock in a transaction dated Sunday, June 28th. The shares were sold at an average price of $124.29, for a total transaction of $59,659.20. Following the sale, the insider directly owned 1,670 shares in the company, valued at $207,564.30. This trade represents a 22.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 23,665 shares of company stock worth $3,138,093 over the last quarter. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Palomar

Several hedge funds and other institutional investors have recently modified their holdings of PLMR. Kestra Advisory Services LLC purchased a new position in Palomar during the fourth quarter valued at approximately $33,000. Rockefeller Capital Management L.P. increased its stake in shares of Palomar by 81.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 294 shares of the company’s stock worth $40,000 after purchasing an additional 132 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Palomar during the 2nd quarter valued at $43,000. Frazier Financial Advisors LLC bought a new stake in shares of Palomar during the 4th quarter valued at $54,000. Finally, Parallel Advisors LLC lifted its stake in shares of Palomar by 638.3% during the 1st quarter. Parallel Advisors LLC now owns 443 shares of the company’s stock valued at $53,000 after buying an additional 383 shares in the last quarter. 90.25% of the stock is owned by institutional investors.

About Palomar

Palomar Holdings, Inc (NASDAQ: PLMR) is a specialty insurance holding company focused on providing medical stop-loss coverage and related administrative services to self-funded employer health plans in the United States. The firm operates through two primary business segments—Medical Stop-Loss and Specialty Program Management—to deliver tailored risk protection and comprehensive program administration.

In its Medical Stop-Loss segment, Palomar underwrites excess and aggregate stop-loss policies designed to shield self-insured employers from catastrophic medical claims that exceed pre-determined retention levels.